Tag: FTX

Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT?

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Amidst the turmoil surrounding crypto exchange FTX, there is currently one big loser, Solana (SOL). While the FTT token is at the center of discussions for many market observers after Binance CEO Changpeng Zhao announced to sell all FTT tokens, SOL is seeing a massive -12% drop in price over the last 24 hours. Even the FTT token is currently posting a loss of just under -3%. So what is driving the SOL sell-off ? Just a few days ago, SOL experienced a massive price spike after Google announced the…

FTX addresses user withdrawal complaints amid major token movement

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Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals. In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear. Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism: Telling everyone how fine you…

FTX Token price risks 30% plunge as a 23M FTT ‘part’ moves to Binance

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An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators. FTT could plunge 30% From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement. On Nov. 6, FTT broke below the pattern’s support line near $22.50, accompanied by a volume spike. The FTX exchange token’s selloff continued on Nov. 7 below the support line, raising risks of a…

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Binance to liquidate its entire FTX Token holdings after ‘recent revelations’

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The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, said his company will liquidate the entirety of its position in FTX Token (FTT), the native token of competing exchange FTX. In a Nov. 6 tweet, Zhao said the decision was made after “recent revelations that have came to light.” In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management” referring to lessons learned from the fall of Terra Luna Classic (LUNC) and how it impacted market players. He also added “we won’t support people who lobby…

Crypto Exchange Binance Dumping All FTX Tokens on Its Books — CEO Cites ‘Recent Revelations’ – Altcoins Bitcoin News

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Binance is dumping all of its FTX token (FTT) holdings “Due to recent revelations that have come to light,” CEO Changpeng Zhao has confirmed. “Regarding any speculation as to whether this is a move against a competitor, it is not,” he added. “Our industry is in its nascency and every time a project publicly fails it hurts every user and every platform.” Binance Liquidating All FTX Tokens on Its Books The CEO of global cryptocurrency exchange Binance, Changpeng Zhao (CZ), announced via Twitter Sunday that his exchange is liquidating all…

Billionaire Sam Bankman-Fried Explains Why Crypto Exchange FTX Passed on Funding Twitter Acquisition

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The chief executive of FTX is revealing why the crypto exchange passed on funding Elon Musk’s acquisition of social media giant Twitter. FTX CEO Sam Bankman-Fried tells his 793,500 Twitter followers that FTX stayed on the sidelines because it wasn’t clear how the social media platform would incorporate crypto technology into its business model with Musk at its helm. “We passed on Twitter because it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter (e.g. if he wanted to do blockchain-based social media, or blockchain…